The Schwarzenegger Administration has announced more than three billion dollars in bond money that will go to a variety of projects. They include everything from seismic retrofitting to flood control. The money is a result of six-and-a-half billion dollars in bonds the state sold last week. Caltrans Director Will Kempton says transportation projects will get about 350 million dollars:
“That relates to another 10-thousand jobs that we will be able to create for Californians in this time of economic downturn.”
Kempton says there’s also 50 million dollars for city and county road work. In December the state put roughly 54-hundred public works projects on hold because of the state’s budget deficit and the tight credit market. Finance Director Mike Genest says it will be some time before they’re all back up and running:
“Not all of those projects on that list of 5400 are going to be able to start back up in the next few months. It may take a year or so.”
The state is expected to go back to the bond market next month.